Benefits of an Online Current Account for International Enterprises and Business

Posted on Thursday, August 22nd, 2024 | By IndusInd Bank

Best practices are a crucial element to follow while carrying out the global expansion of your business. While you may have been using your savings account to transact for your business domestically, it is imperative for you to have a Business Account while going global. By choosing to open a Current Account, the bank will offer you further financial capabilities and opportunities to make it big globally.

Through this blog, you will understand how an online Business Current Account will help you scale up your international business.

Current Account Explained

A savings account is used for the personal transactions of an individual. You may use it to make your individual everyday payments and your personal investments. A Current Bank Account, however, caters to your business’ unique needs. It offers various features and facilities to allow your international business to grow seamlessly.

All enterprises, regardless of the scale of their business or their size, may open current accounts. You may be a large corporation, an MSME, a professional running your own practice, a freelance worker, or a consultant. However, the features of a current account apply to many business entities.

Key advantages for international businesses:

A Business Account offers several advantages for an enterprise engaged in business internationally.

1. Limitless transactions: International transactions usually have a larger ticket size compared to domestic transactions. A Current Account, being specifically for business transactions, does not come with any upper limits for transaction amounts. You can Open Current Account Online and use it to carry out a large volume of transactions.
2. Transactions in global currencies: Your Current Account will help you make transactions in foreign currencies, as per the preferences of your customers. You may seamlessly transact in multiple currencies for lesser costs. IndusInd Bank EEFC accounts allow you to maintain your Current Account in USD, GBP, Euro, CAD, SGD, AED, AUD and JPY.
3. Avail forex cards: Your IndusInd Bank Current Account allows you to avail forex cards in fourteen currencies, including multi-currency forex cards. This allows you to lock in the foreign exchange rate while travelling abroad for your business.
4. Superior payment solutions: Your international business will have customers, vendors, collaborators and freelancers based abroad. Your Current Account will have several in-built and secure payment solutions to allow you to make global payments.

Also Read: Pros and Cons of Online Current Accounts

Current Account Eligibility

You may open a Current Account if you fall under one of the following categories of businesses:

• Individual (For Individual Current Account for Freelancers)
• Sole Proprietorship
• Partnership
• LLP (Limited Liability Partnership)
• Private Limited Company
• Limited Company

Please understand the type of Current Account you need to open in line with the requirements of your international business. Also, understand the bank charges associated with the type of account you open and the charges for different services. You may also choose to Open Current Account Online.

Also Read: All about Current Accounts – Types, Features, Eligibility, and more

Current Account Documentation

Standard documents required to open any Current Account include the proof of existence and proof of address of the entity and the KYC documents – ID and address proof and the latest passport-sized colour photograph of the proprietor, partners, directors and authorised signatories. The PAN card or PAN proof of the entity, as well as all associated with the account, is compulsory.

Different business entities need different documents to open a current account. You can check out this blog to learn more: Documents required to open a Current Account

Conclusion

If you are planning to build an international enterprise and business consider the Current Accounts from IndusInd Bank for a host of end-to-end services, customised foreign exchange solutions and benefits, a secure environment and a superior experience in online banking.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.